Odfjell to buy US’ Chem-Marine for South Carolina property

07 August 2013 08:36[Source: ICIS news]

SINGAPORE (ICIS)--Odfjell said on Wednesday it will purchase US’ Chem-Marine Corp, which controls a 10.2 hectare site adjacent to the Norwegian firm’s tank terminal in North Charleston, South Carolina.

Odfjell has signed a letter of intent for the purchase, the logistics firm said in a statement.

“This acquisition offers an opportunity for expanding Odfjell's physical presence in the southeast region of the US,” Odfjell said, adding that the acquisition has an estimated value of below $10m (€7.5m).

The South Carolina property is owned by Chem-Marine under a long-term land lease, it said.

The property is situated on the Cooper River and has a 250-metre deep-water front and a 12.5-metre draft ship berth, with one dedicated stainless steel lines connected to a 12,800 cubic metres of storage in two carbon steel tanks, Odfjell said.

The transaction will be consummated through Odfjell Holdings (US) Inc, a subsidiary of Odfjell Terminals – a joint venture company owned by Odfjell, which holds 51% stake, and Lindsay Goldberg, which holds 49%.